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Jewelry Sales Fall on Black Friday

Nov 30, 2020 8:59 AM   By Rapaport News
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US jewelry sales plunged 54% year on year on Black Friday as consumers stayed away from physical stores, according to shopping tracker RetailNext.

Total footfall at brick-and-mortar stores decreased 48%, while in-store purchases across all categories slid 30%, RetailNext, which includes data from stores around the country, reported Saturday. The drop was also due to a lack of “doorbuster” sales, in which retailers offer large discounts on specific items to get shoppers in the door, explained Brian Field, senior director of global retail consulting at retail tracker Sensormatic Solutions.

However, the total amount spent by shoppers in physical locations on all merchandise grew 36% on Black Friday versus the same day a year ago, despite the drop in traffic, as consumers who ventured out showed stronger intent to purchase.

“Due to Covid-19 and social-distancing requirements, shoppers were more purposeful in their in-person Black Friday shopping,” Field explained.

That trend is likely to continue through the entire holiday season, noted Bridget Johns, chief marketing officer and head of growth strategies at RetailNext.

Meanwhile, visits to physical stores on Thanksgiving Day plunged 95% year on year as many stores closed to prevent in-store crowding.

“Although traffic on Thanksgiving Day has risen in recent years, we are not surprised to see the departure from this trend in 2020,” Field added. “With Black Friday deals being spread throughout the holiday season, the typical holiday-traffic peaks are flattening, with more days sharing importance throughout the season.”

Image: A store holding a Black Friday sale. (Shutterstock)
Tags: black friday, Brian Field, Bridget Johns, COVID-19, Jewelry sales, Rapaport News, retailnext, Sensormatic Solutions
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